“We were expecting such bad things after last month that this month looks fantastic,” WSJ’s Phil Izzo said on the podcast. “Everyone is sort of jumping for joy, but here’s the rub: [That’s] not necessarily the right thing to do.”

While better-than-expected job growth is a welcome sign, the trend likely hasn’t improved enough to make the Fed pullback on its stimulus programs anytime soon. Those reasons are major catalysts for why the Dow and S&P 500 touched above 15000 and 1600, respectively, for the first time ever on Friday.

The question now is just how much longer the Fed will continue with its easy money policies. Earlier this week, the central bank explicitly said it could increase or decrease its bond-buying programs depending on economic conditions.

“I don’t think [the jobs report] changes the outlook for the next couple of months,” Izzo said. “But it does definitely make the next move more likely to be tapering than increasing.”